Grimes & Company Inc. Sells 5,520 Shares of Bank of America Co. (NYSE:BAC)

Grimes & Company Inc. trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 273,385 shares of the financial services provider’s stock after selling 5,520 shares during the quarter. Grimes & Company Inc.’s holdings in Bank of America were worth $11,408,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Graney & King LLC bought a new stake in Bank of America during the fourth quarter valued at approximately $25,000. Fairway Wealth LLC bought a new stake in Bank of America during the fourth quarter valued at approximately $29,000. Vega Investment Solutions bought a new stake in Bank of America during the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America during the fourth quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC bought a new stake in Bank of America during the fourth quarter valued at approximately $34,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Up 0.7%

Shares of BAC opened at $44.40 on Tuesday. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a market cap of $334.39 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.21 and a beta of 1.30. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company’s fifty day simple moving average is $41.69 and its 200-day simple moving average is $43.34.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio is currently 30.95%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BAC. Citigroup dropped their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Keefe, Bruyette & Woods dropped their price target on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. The Goldman Sachs Group upped their price target on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, TD Cowen began coverage on shares of Bank of America in a research report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target for the company. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.69.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.